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Taiwan Central Bank Governor Listed 6 Key Points to Boost Digital Economy

August 7, Taiwan’s ‘central bank governor Yang Chin-long underlines the bank’s role in the digital economy in a forum according to local media outlet United Daily News. He list 6 key points for the central bank to promote creation of new business models as well as changes in consumer payment habits.photo

Yang spoke on the digital economy and emphasized that the central bank should take its responsibility to maintain price and financial stability in this new economy time. In order to promote the development of digital economy, he listed six key points:

1. Keep enhancing people’s confidence in the New Taiwan dollar and implementing effective monetary policies to maintain domestic price stability and financial stability.

2. Continue to strengthen financial infrastructure, and conduct research on new technology usage to improve the operational efficiency of payment systems. Meanwhile, the central bank is looking forward to get outstanding technical application proposals from experts in Fintech field.

3. The financial authorities should be cautious about issuing central bank digital currency (CBDC). We will continue to pay attention to this issue, as well as the development of virtual currency, which may also drives out the debating topic of whether the central bank should issue CBDC. At present, the international consensus towards CBDC is that, the general CBDC to the general public should be treated with cautious because of the complexity of issues involved, including the technology, security, policies, and user privacy protection issues.

4. Support the virtual currency trading service providers, integrate virtual currency trading into the existing regulatory system, especially under the anti-money laundering (AML) regulations.

5. Promote DLT (distributed ledger technology) applications in real economy.

6. Promote a diversified payment environment based on the government policies , at this stage, cash payments are still necessary.

Yang also commented that, cryptocurrencies do not rank in the same category as fiat currency in the present trust system, they cannot be trusted so they do not have the equate value of fiat currency.

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